New Approaches to Macroeconomic Modeling: Evolutionary Stochastic Dynamics, Multiple Equilibria, and Externalities as Field Effects (Paperback)
  • New Approaches to Macroeconomic Modeling: Evolutionary Stochastic Dynamics, Multiple Equilibria, and Externalities as Field Effects (Paperback)
zoom

New Approaches to Macroeconomic Modeling: Evolutionary Stochastic Dynamics, Multiple Equilibria, and Externalities as Field Effects (Paperback)

(author)
£31.99
Paperback 308 Pages / Published: 13/02/1998
  • We can order this

Usually dispatched within 3 weeks

  • This item has been added to your basket
This book contributes substantively to state-of-the-art macroeconomic modeling by providing a method for modeling large collections of heterogeneous agents subject to non-pairwise externality called field effects, i.e. feedback of aggregate effects on individual agents or agents using state-dependent strategies. Adopting a level of microeconomic description which keeps track of compositions of fractions of agents by 'types' or 'strategies', time evolution of the microeconomic states is described by (backward) Chapman-Kolmogorov equations. Macroeconomic dynamics naturally arise by expansion of the solution in some power series of the number of participants. Specification of the microeconomic transition rates thus leads to macroeconomic dynamic models. This approach provides a consistent way for dealing with multiple equilibria of macroeconomic dynamics by ergodic decomposition and associated calculations of mean first passage times, and stationary probabilities of equilibria further provide useful information on macroeconomic behavior.

Publisher: Cambridge University Press
ISBN: 9780521637695
Number of pages: 308
Weight: 460 g
Dimensions: 229 x 152 x 18 mm

You may also be interested in...

Introductory Econometrics for Finance
Added to basket
Using Statistics in Economics
Added to basket
Essentials of Econometrics (Int'l Ed)
Added to basket
Introductory Econometrics for Finance
Added to basket
Time Series Analysis
Added to basket
Economics After the Crisis
Added to basket
Naked Statistics
Added to basket
£12.99
Paperback
Inequality and Instability
Added to basket
A Guide to Econometrics
Added to basket
Mostly Harmless Econometrics
Added to basket
Mastering 'Metrics
Added to basket
Econometrics For Dummies
Added to basket

Reviews

Please sign in to write a review

Your review has been submitted successfully.